MangoFarmSOL Scandal: Solana Protocol Faces Allegations of Rug Pull and Fund Depletion

MangoFarmSOL, a Solana-based farming protocol, is under scrutiny amid allegations of a potential rug pull, as reports suggest a draining of funds and the deactivation of its social media accounts. The project, which pledged “unparalleled yield in the $SOL space,” had scheduled a MANGO token airdrop for January 10, requiring users to deposit $94 worth of Solana tokens to participate.

Concerns were raised by Delegate “Foobar,” the pseudonymous developer and newly appointed security auditor for MangoFarmSOL, who warned of a compromise in the project’s front-end on X (formerly Twitter). Responding to inquiries about the fate of the protocol, Foobar hinted at the possibility of a rug pull, indicating fraudulent activity.

As the situation unfolded, MangoFarmSOL’s profile on X and its website mysteriously went offline. Additionally, the Telegram channel, boasting over 1,000 subscribers, ceased accepting new members. The estimated losses from this alleged incident are reported to be close to $2 million.

On X, users circulated screenshots of messages purportedly left by the developer orchestrating the scam. The messages claimed coercion into creating Ponzi schemes and hinted at involvement in another Solana-based yield protocol, BananaMiner. However, representatives from BananaMiner vehemently denied any connection to MangoFarmSOL, stating that false rumors should not be spread without proper research.

The Solana ecosystem has been grappling with a surge in scams involving wallet-draining tactics. Recent attacks on Solana have been linked to cybercriminals selling drainer kits since December. According to Chainalysis, a blockchain security firm, one of the largest online communities offering SOL’s wallet drainer kits boasts more than 6,000 members, highlighting the growing threat to the Solana network from fraudulent activities.